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| Home > Statutes > Usa Missouri |
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USA Statutes : missouri
Title : EDUCATION AND LIBRARIES
Chapter : Chapter 164 Tax Levies and Bonded Indebtedness
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1. The school board of each district annually shall prepare an
estimate of the amount of money to be raised by taxation for the ensuing
school year, the rate required to produce the amount, and the rate
necessary to sustain the school or schools of the district for the
ensuing school year, to meet principal and interest payments on the
bonded debt of the district and to provide the funds to meet other
legitimate district purposes. In preparing the estimate, the board shall
have sole authority in determining what part of the total authorized rate
shall be used to provide revenue for each of the funds as authorized by
section 165.011, RSMo. Prior to setting tax rates for the teachers' and
incidental funds, the school board of each school district annually shall
set the tax rate for the capital projects fund as necessary to meet the
expenditures of the capital projects fund after all transfers allowed
pursuant to subsection 4 of section 165.011, RSMo. Furthermore the tax
rate set in the capital projects fund shall not require the reduction of
the equalized combined tax rates for the teachers' and incidental funds
to be less than the greater of the minimum operating levy for the current
year for school purposes established under subsection 2 of section
163.021, RSMo.
2. The school board of each district shall forward the estimate to the
county clerk on or before September first. In school districts divided by
county lines, the estimate shall be forwarded to the proper officer of
each county in which any part of the district lies. (L. 1963 p. 200 §
5-1, A.L. 1971 H.B. 469, A.L. 1987 H.B. 909, A.L. 1994 S.B. 676, A.L.
1995 S.B. 255, A.L. 1996 S.B. 795, et al., A.L. 1998 S.B. 658, A.L. 2005
S.B. 287)
(Source: RSMo 1959 §§ 165.077, 165.477, 165.480)
*Effective 7-1-06
1. The school board of each district annually shall prepare an
estimate of the amount of money to be raised by taxation for the ensuing
school year, the rate required to produce the amount, and the rate
necessary to sustain the school or schools of the district for the
ensuing school year, to meet principal and interest payments on the
bonded debt of the district and to provide the funds to meet other
legitimate district purposes. In preparing the estimate, the board shall
have sole authority in determining what part of the total authorized rate
shall be used to provide revenue for each of the funds as authorized by
section 165.011, RSMo. Except as provided in subsection 3 of this
section, for the 1996-97 school year and thereafter, prior to setting tax
rates for the teachers' and incidental funds, the school board of each
school district annually shall set the tax rate for the capital projects
fund as necessary to meet the expenditures of the capital projects fund
after all transfers allowed pursuant to subsection 7 of section 165.011,
RSMo, for expenditures authorized by section 177.088, RSMo, and after the
following transfers if needed: in the 1996-97 school year, one-twelfth of
the maximum transfer allowed by section 165.011, RSMo; in the 1997-98
school year, one-sixth of the maximum transfer allowed by section
165.011, RSMo; in the 1998-99 school year, one-half of the maximum
transfer allowed by section 165.011, RSMo; and in the 1999-2000 school
year and thereafter, one hundred percent of the transfers allowed by
section 165.011, RSMo. Furthermore, except that the tax rate set in the
capital projects fund shall not require the reduction of the equalized
combined tax rates for the teachers' and incidental funds to be less than
the greater of the minimum operating levy for the current year for school
purposes established under subsection 2 of section 163.021, RSMo, or the
1993 tax rate as used for state aid purposes in section 163.031, RSMo,
plus that portion of the full amount of any voter-approved increase in
the tax rate ceiling as defined in section 137.073, RSMo, approved after
the first day of January, 1994, and before the thirtieth day of March,
1994, as levied in the current year, in any school district located in a
county of the fourth classification that had an existing lease purchase
arrangement for capital project purposes at the time of the election.
2. The school board of each district shall forward the estimate to the
county clerk on or before September first. In school districts divided by
county lines, the estimate shall be forwarded to the proper officer of
each county in which any part of the district lies.
3. (1) For the 1997-98 school year and thereafter, prior to setting tax
rates for the teachers' and incidental funds, the school board of each
school district meeting the criteria specified in subdivision (2) of this
subsection annually shall set the tax rate for the capital projects fund
as necessary to meet the expenditures of the capital projects fund after
all transfers allowed pursuant to subsection 7 of section 165.011, RSMo,
for expenditures authorized by section 177.088, RSMo, and after one
hundred percent of the transfers allowed by section 165.011, RSMo.
(2) Subdivision (1) of this subsection shall apply to each district which
satisfies all of the following criteria:
(a) The district has a membership count for school year 1997-98 which is
at least sixteen percent greater than the district's membership count for
the 1991-92 school year; and
(b) The district passed a full waiver of Proposition C tax rate rollback
pursuant to section 164.013, or approved an increase to the district's
tax rate ceiling on or after June 1, 1994;
(c) The district is in compliance with or has paid all penalties required
pursuant to section 165.016, RSMo, for the 1994-95, 1995-96 and 1996-97
school years without waiver or adjustment of the base school year
certificated salary percentage; and
(d) The district approves, prior to July 1, 1998, a proposal to issue
general obligation bonds which will cause the district's bonded
indebtedness to be no less than eighty-five percent of the maximum bonded
indebtedness of the district. (L. 1963 p. 200 § 5-1, A.L. 1971 H.B. 469,
A.L. 1987 H.B. 909, A.L. 1994 S.B. 676, A.L. 1995 S.B. 255, A.L. 1996
S.B. 795, et al., A.L. 1998 S.B. 658)
(Source: RSMo 1959 §§ 165.077, 165.477, 165.480)
Effective 5-6-98
*This section was amended by S.B. 287, 2005, effective 7-1-06. Consult
RSMo 2000 for existing section.
1. When the revenue from the rate of one cent on the dollar of
the state sales is collected for distribution under the provisions of
section 163.087, RSMo, the school board of each seven-director, including
special districts, urban and metropolitan school districts, after
determining its budget for the school year and the rate of levy needed to
produce the required revenue as provided in section 164.011, and after
making any other adjustments to the levy that may be required by any
other law, shall, unless at least a simple majority of district voters
voting thereon have approved a proposal to forego all or part of a
reduction in the total operating levy for school purposes as provided for
in this section, reduce the total operating levy for school purposes in
an amount sufficient to decrease the revenue it would have received
therefrom by an amount equal to fifty percent of the previous fiscal
year's sales tax receipts excluding the sales tax revenue estimated to be
received by the district attributable to pupils residing on federal lands
and excluding the amount of sales tax revenue estimated to be necessary
to offset the loss of property tax revenue to the school district under
the provisions of section 50.338, RSMo, except that the provision of this
section shall not require a school board to reduce its total operating
levy for school purposes below an amount which is equal to the highest
amount specified in subsection 2 of section 163.021, RSMo, as an
eligibility requirement for state aid or increased state aid pursuant to
section 163.031, RSMo. Loss of revenue, due to a decrease in the assessed
valuation of real property located within the school district as a result
of general reassessment, and from state-assessed railroad and utility
distributable property based upon the previous fiscal year's receipts
shall be considered in lowering the rate of levy to comply with this
section in the year of general reassessment and in each subsequent year.
For any district for which the total assessed valuation of the district
is reduced as a result of a natural disaster for which the county or
counties containing the district were designated a disaster area, the
reduction of the total operating levy for school purposes pursuant to
this section may, at the district's discretion, be calculated either on
the district's current assessed valuation or upon the district's assessed
valuation for the year preceding the natural disaster, until the fifth
year following the designation as a disaster area or until the district's
assessed valuation equals or exceeds the district's assessed valuation
for the year preceding the disaster, whichever first occurs. In the event
that in the immediately preceding year the school district actually
received more or less sales tax revenue than estimated, the school board
shall adjust its operating levy for the current year to reflect such
increase or decrease. Adjustments in the tax rate of a school district
pursuant to the provisions of this section shall in no way affect the
eligibility of claimants for benefits, or the amount of claimants'
benefits, under the provisions of sections 135.010 to 135.035, RSMo. Such
claimants shall, if they are otherwise qualified, receive the benefits to
which they were or would have been entitled in the year prior to March 3,
1983. There shall be transferred from the school district trust fund to
the general revenue fund an amount equal to the difference in the amount
paid or credited or which would have been paid or credited to individuals
qualifying under sections 135.010 to 135.035, RSMo, in the year prior to
March 3, 1983, and the amount paid or credited under the provisions of
such sections each year thereafter. The director of revenue shall certify
the amount payable from the school district trust fund to the general
revenue fund to the state treasurer, the commissioner of administration
and the state board of education on or before the first day of each
month. Any school district required to reduce its total operating levy
under the provisions of this section shall not become ineligible for
state aid under the provisions of section 163.021, RSMo, because of such
required reduction. In the event a district fails to reduce its operating
levy in compliance with this section, an amount equivalent to the amount
by which the district fails to reduce its levy shall be deducted from the
district's apportionment of state aid under the provisions of section
163.031, RSMo, for the following year.
2. In a year of general reassessment, as defined by section 137.073,
RSMo, or assessment maintenance as defined by section 137.115, RSMo, in
which a school district in reliance upon the information then available
to it relating to the total assessed valuation of such school district
revises its property tax levy pursuant to section 137.073 or 137.115,
RSMo, and it is subsequently determined by decisions of the state tax
commission or a court pursuant to sections 138.430 to 138.433, RSMo, or
due to clerical errors or corrections in the calculation or recordation
of assessed valuations that the assessed valuation of such school
district has been changed, and but for such change the school district
would have adopted a different levy on the date of its original action,
then the school district may adjust its levy to an amount to reflect such
change in assessed valuation, including, if necessary, a change in the
levy reduction required by this section to the amount it would have
levied had the correct assessed valuation been known to it on the date of
its original action, provided:
(1) The school district first levies the maximum levy allowed without a
vote of the people by article X, section 11(b) of the constitution; and
(2) The school district first adopts the tax rate ceiling otherwise
authorized by other laws of this state; and
(3) The levy adjustment or reduction may include a one-time correction to
recoup lost revenues the school district was entitled to receive during
the prior year. (L. 1982 Adopted by Initiative, Proposition C, November
2, 1982, A.L. 1983 H.B. 310, A.L. 1985 S.B. 152, A.L. 1987 S.B. 117, A.L.
1988 S.B. 797, A.L. 1992 H.B. 1478, et al., A.L. 1993 S.B. 380, A.L. 1994
S.B. 676)
Effective 7-12-94
(1984) A district court order directing the St. Louis City Board of
Education not to reduce its operating levy pursuant to this section, in
order to help finance the court's desegregation order, was deficient for
years beyond 1983-84 because the order was not accompanied by a factual
finding by the district court that all other fiscal alternatives were
unavailable or insufficient. The same standard would apply to any ordered
increases in the tax levy. Liddell v. State of Missouri (8th Cir.), 731
F.2d 1294.
(1985) The rollback provision of this section may be enjoined if
necessary to finance a school desegregation order. Jenkins v. State of
Missouri, 639 F.Supp. 19 (W.D.Mo.).
1. Whenever it becomes necessary, in the judgment of the school
board of any school district in the state, to increase the tax rate
beyond the rate authorized by the constitution for district purposes
without voter approval plus the last tax rate approved by the voters for
school purposes, or when voters of the district equal in number to ten
percent or more of the number of votes cast for the member of the school
board receiving the greatest number of votes cast at the last school
election in the district wherein board members were elected, petition the
board, in writing, for an increase in the tax rate, the board shall
determine the rate of taxation necessary to be levied in excess of the
existing rate and submit the proposition as to whether the rate of
taxation shall be increased by the board to the voters of the district.
The proposal may be submitted at an election.
2. If the necessary majority of the voters voting thereon, as required by
article X, section 11(c), of the constitution, favor the proposed
increase, the result of vote, including the rate of taxation so voted,
shall be certified by the clerk of the district to the clerk of the
commission of the proper county or counties, who, on receipt thereof,
shall assess the amount so certified, effective as of September twentieth
next following, against all taxable property of the school district as
provided by law. In metropolitan districts the certification shall be
made by the secretary of the board as required by law. (L. 1963 p. 200 §
5-2, A.L. 1967 p. 238, A.L. 1971 H.B. 469, A.L. 1976 H.B. 1162, A.L. 1978
H.B. 971)
(Source: RSMo 1959 §§ 165.080, 165.487, 165.490, 165.493, 165.638)
(1989) Tax rate approved by voters on October 7 does not relate back and
become rate required to be fixed as of September 1. Southern Bell
Telephone v. Mahn, 766 S.W.2d 443 (Mo. en banc).
The question shall be submitted in substantially the following
form:
Shall the school board of ....... (name of district) be authorized to
increase the operating tax levy for ...... (list purpose or purposes) by
...... (amount of increase) per one hundred dollars of assessed
valuation? If this proposition is approved, the adjusted operating levy
of the school district is estimated to be ....... (amount) per one
hundred dollars of assessed valuation. (L. 1963 p. 200 § 5-3, A.L. 1971
H.B. 469, A.L. 1977 H.B. 130, A.L. 1978 H.B. 971, A.L. 1992 S.B. 581)
(Source: RSMo 1959 §§ 165.080, 165.487, 165.490, 165.493, 165.638)
Effective 4-17-92
(1981) The 1970 amendment of Article X, Section 11(c) authorizing
increase in rate of school district taxation could not be reasonably read
to permit indefinite continuation of tax rate approved by voters for
limited period of time only and was to be read to permit increase to
continue indefinitely only when no time limit was placed on duration.
Ederer v. Dalton (Mo.), 618 S.W.2d 644.
Based on the estimates of the various districts, the county
clerk shall proceed to assess the amount so returned against all taxable
property in each district, as shown by the last annual assessment for
state and county purposes, at the rate lawfully determined by the school
board or legally authorized by the voters of the district as of September
twentieth of that year. All taxes shall be extended by the county clerk
upon the general tax books of the county for the year in separate columns
arranged for that purpose. He shall list the names of all persons owning
any personal property who do not reside in any school district, and the
value thereof; and shall list all lands and town lots in any territory
not organized into a school district, and shall levy a tax of sixty-five
cents on the hundred dollars valuation on all such taxable property, to
be collected as other taxes and deposited in the county school fund. The
county assessor in listing personal property shall take the number of the
school district in which the taxpayer resides at the time of making his
list, to be by him marked on the list, and also on the personal
assessment book, in columns provided for that purpose. (L. 1963 p. 200 §
5-4, A.L. 1976 H.B. 1162)
(Source: RSMo 1959 § 165.083, A.L. 1961 p. 351)
(1971) The county clerk has no standing to challenge the validity of the
existence of a school district and writ of mandamus would issue to compel
county clerk to extend on county tax books the school taxes of a school
district which was contesting in circuit court the validity of
determination of the state board of education that district had ceased to
function as active district and would cease to exist as of July 1, 1971.
State v. Conley (A.), 470 S.W.2d 170.
(1971) Duty of making assessment and extending levy on county tax book
for school district by clerk of county court is ministerial. State v.
Conley (A.), 470 S.W.2d 170.
1. Whenever any school district lapses or is dissolved, which at
the time of lapse or dissolution has any bonds or other obligations
outstanding and unpaid, the county commission, county council or county
legislature of the county, or if the district embraced territory in two
or more counties then the county commission, county council or county
legislature of the county in which the greater portion of the assessed
valuation of the district lies, on or before the first day of May of each
year, shall ascertain and certify to the county clerk or clerks, as the
case may be, the rate of taxation necessary to be levied upon the taxable
property within the former corporate limits or boundary lines of the
district, sufficient to pay the interest on and the principal of bonds
falling due during the succeeding year.
2. The county clerk of the county or counties, upon receipt of the
certificate and at the time it is required by law to determine and levy
the rate of taxation for county, school, road and other taxes, shall make
an order levying the rate of taxation so certified by the county
commission, county council or county legislature upon the taxable
property within the former corporate limits or boundary lines of the
district, and the tax shall be extended in the tax book and collected in
the same manner as other school taxes. When collected, the revenue shall
be paid to the county treasurer of the county which had the largest
number of acres of land in the district, or in which the greater portion
of the assessed valuation of the district lies, and he shall deposit the
moneys received by him in the bank, trust company or other place where
the principal and interest of the bonds of the district are payable. (L.
1963 p. 200 § 5-5, A.L. 1973 H.B. 158, A.L. 1992 S.B. 581)
(Source: RSMo 1959 § 165.333)
Effective 4-17-92
The board of education in metropolitan districts may levy all
taxes authorized by law to be levied for school purposes in the city. The
officers of the board and the collector and assessor in the city, and all
other officers of the city and of the state concerned with the assessment
and collection of taxes and fines and penalties payable to the school
funds, shall perform the duties in relation to the levying and collection
of school taxes and the collection of the fines and penalties, and the
payment thereof to the board for school purposes, that are imposed by law
upon the officers. (L. 1963 p. 200 § 5-7)
(Source: RSMo 1959 § 165.637)
CROSS REFERENCE: School operating levy may be set by Kansas City school
board, when, Const. Art. X, Sec. 11(g)
The board of directors of any urban school district, in addition
to other taxes it is authorized to levy for school purposes or library
purposes, may levy a tax on all tangible taxable property subject to its
taxing powers for the purchase of sites and for the erection, furnishing
and maintenance of public library buildings and reading rooms, when
authorized by approving vote of two-thirds of the voters of the district
voting on the proposal as submitted by the board. The rate of the levy
shall not exceed one and one-half cents on the one hundred dollars
assessed valuation, and shall be submitted to be in effect annually for a
period not in excess of five years, but nothing herein shall prevent the
submission and approval of successive proposals for periods not in excess
of five years each. (L. 1963 p. 200 § 5-8, A.L. 1978 H.B. 971)
(Source: RSMo 1959 § 165.720)
Whenever the board of directors, by resolution adopted by vote
of not less than two-thirds of the members of the board, determines that
the additional levy, at a rate and for a period fixed in the resolution,
is necessary or desirable, they shall cause notice to be given that the
proposed levy will be submitted. The notice shall state the proposed rate
of levy and the period for which it is proposed to be levied annually.
(L. 1963 p. 200 § 5-9, A.L. 1978 H.B. 971)
(Source: RSMo 1959 § 165.723)
The question shall be submitted in substantially the following
form:
Shall there be levied an additional tax at the rate of ...... cents on
the one hundred dollars assessed valuation for a period of ...... years
for library building purposes? (L. 1963 p. 200 § 5-10, A.L. 1978 H.B. 971)
(Source: RSMo 1959 § 165.727)
If two-thirds of the voters voting on the proposal vote in favor
of the additional tax the result of the vote and the rate of taxation so
voted and the period of years for which voted shall be certified by the
secretary of the board to the clerk of the county commission of the
proper county who shall thereupon assess the amount at the rate returned
on all tangible taxable property of the school district and the taxes
shall be collected and paid over to the treasurer of the school district
in like manner and with other general property taxes of the school
district. The treasurer of the school district shall place the revenue
derived from the tax in a separate fund to be known as the "Library
Building Fund", which shall be subject to the exclusive control of the
school board and shall be used for no purpose other than as stated in
sections 164.081 to 164.111. The tax is in addition to the annual tax
authorized to be levied under the provisions of section 137.030, RSMo.
(L. 1963 p. 200 § 5-11)
(Source: RSMo 1959 § 165.730)
1. The school board of any district other than a metropolitan or
urban district may borrow money and issue bonds for the payment thereof
for the following purposes:
(1) Purchasing schoolhouse sites and other land for school purposes;
(2) Erecting schoolhouses or library buildings;
(3) Furnishing schoolhouses or library buildings;
(4) Building additions to or repairing old buildings;
(5) Purchasing school buses and other transportation equipment;
(6) Paying off and discharging assessments made by counties, cities,
towns and villages or other political subdivisions or public corporations
of the state against the district in connection with the erection,
construction and maintenance of sewers and sewer systems, sidewalks,
guttering, curbing and paving of streets and alleys adjoining and
abutting real estate of the district if the general funds of the district
are insufficient in the judgment of the board to pay and discharge the
assessment.
2. The question of any loan under this section shall be decided at an
election. (L. 1963 p. 200 § 5-12, A.L. 1978 H.B. 971)
(Source: RSMo 1959 §§ 165.040, 165.043)
1. In urban districts, the board may borrow money and issue
bonds for the payment thereof for the following purposes:
(1) Purchasing sites for schoolhouses, public library buildings, art
galleries, museums, janitors' houses, repair buildings and supply houses
used in the operation and maintenance of schools and other land for
school purposes;
(2) Erecting schoolhouses, library buildings, art galleries, museums,
janitors' houses, repair buildings, supply houses and other buildings
used in the operation and maintenance of schools;
(3) Building additions to, remodeling and reconstructing buildings
existing at the time of making the loan;
(4) Furnishing any building erected or reconstructed;
(5) Purchasing school buses and other transportation equipment.
2. The question of the loan shall be decided at an election.
3. Notice of the submission of the question shall include the amount of
the loan required, and for what purpose. The president and secretary
shall sign the notices. (L. 1963 p. 200 § 5-13, A.L. 1978 H.B. 971)
(Source: RSMo 1959 § 165.497)
For the purpose of purchasing schoolhouse sites, erecting
schoolhouses, library buildings and furnishing the same and building
additions to, or repairing old buildings, the board of education in
metropolitan districts may borrow money and issue bonds for the payment
thereof in the manner herein provided. The question of the loan shall be
decided at an election. Notice of the submission of the question shall
include the amount of the loan required and for what purpose. (L. 1963 p.
200 § 5-14, A.L. 1978 H.B. 971)
(Source: RSMo 1959 § 165.605)
1. The questions on bond issues in all districts shall be
submitted in substantially the following form:
Shall the .... board of education borrow money in the amount of ....
dollars for the purpose of .... and issue bonds for the payment thereof?
2. If the constitutionally required number of the votes cast are for the
loan, the board may, subject to the restrictions of section 164.161,
borrow money in the name of the district, to the amount and for the
purpose specified in the notices aforesaid, and issue bonds of the
district for the payment thereof. (L. 1963 p. 200 § 5-15, A.L. 1978 H.B.
971, A.L. 1990 H.B. 1621)
(Source: RSMo 1959 §§ 165.040, 165.497, 165.605)
The loans authorized by sections 164.121 to 164.141 shall not be
contracted for a longer period than twenty years, and the entire amount
of the loans shall at no time exceed, including the present indebtedness
of the district, the maximum aggregate percentage, as set forth in
article VI, section 26(b) of the Missouri Constitution, of the value of
taxable tangible property therein as shown by the last completed
assessment for state and county purposes. The rate of interest upon the
bonds shall, in no case, exceed the highest legal rate allowed by
contract. Before or at the time of issuing the bonds, the board of
directors shall provide for the collection of an annual tax sufficient to
pay the interest and principal of the bonds as they fall due, and to
retire them within twenty years from date contracted. (L. 1963 p. 200 §
5-16, A.L. 1999 S.B. 386)
(Source: RSMo 1959 §§ 165.050, 165.500, 165.507)
The treasurer of the board of seven-director districts is the
custodian of all moneys collected for liquidating any bonded indebtedness
and interest on the same, and is responsible on his official bond for the
safekeeping and proper appliance of the debt service fund received by
him, and also for any loss incurred or damage resulting from his failure
to cancel any and all redeemed bonds, as required in section 108.160,
RSMo. He shall promptly pay the interest on bonds when due, and pay off
and cancel the bonds as rapidly as possible. (L. 1963 p. 200 § 5-18)
(Source: RSMo 1959 § 165.340)
The board of any school district may issue funding and refunding
bonds for the district, in accordance with sections 108.140 to 108.170,
RSMo. Each bond shall be signed by the president, countersigned by the
clerk and authenticated by the seal of the school board, if there is one;
and shall also be attested by the clerk of the county commission of the
county in which the district is located, and he shall put the seal of the
commission on each bond. The clerk of the board shall keep a record in
the books of the school district of all renewal bonds issued by the
board, noting the date when issued and when due, and also the number and
amount of each bond so issued, and shall also keep a full record of all
transactions that may be necessary for the identification of the bonds.
(L. 1963 p. 200 § 5-19)
(Source: RSMo 1959 § 165.053, A.L. 1961 p. 345)
No refunding or renewal bond shall be exchanged by the board of
any school district for any outstanding bond for a sum less than ninety
cents on the dollar of its face value. The board also may sell the
refunding or renewal bonds for cash if in its judgment it will be to the
interest of the school district; but no commission shall be allowed or
cost incurred in the exchange or sale of bonds which will reduce the net
proceeds of the same to a less amount than ninety cents on the dollar,
and all sums of money realized from the sale of refunding or renewal
bonds shall be used in the redemption of outstanding bonds of the school
district. (L. 1963 p. 200 § 5-20)
(Source: RSMo 1959 § 165.057, A.L. 1961 p. 345)
Whenever any bonds of any school district are redeemed or paid
off, the bonds shall be burned or shredded in the presence of two members
of the school board and two other credible persons as witnesses of the
fact. The secretary or clerk of the board shall record in the books of
the district a description of the bonds so destroyed by noting the date
when issued and when due, and the number and amount of each of the bonds,
and the names of the members of the board and of the witnesses who are
present at the burning of the bonds. (L. 1963 p. 200 § 5-22, A.L. 1969 p.
273)
(Source: RSMo 1959 § 165.510)
For the purpose of providing funds for the acquisition,
construction, erection, equipment and furnishing of dormitory or of
school athletic stadiums or structures, and for providing a site
therefor, including offstreet parking space, and making from time to time
enlargements or extensions thereof, the board of directors of any
seven-director school district may issue and sell revenue bonds in an
amount not to exceed the estimated cost of the dormitory or project,
including costs necessarily incidental thereto. No such bonds shall be
issued and sold unless at the time of the issuance thereof the board of
the school district issuing them shall pledge the net income and revenues
of the dormitory or project to the payment of the bonds, both principal
and interest, and covenant to fix, maintain and collect such reasonable
rates, rentals and charges for admission of spectators to witness such
games, contests and exhibitions, and returns and charges for concessions
and broadcasting as in the judgment of such board of directors will
provide revenues sufficient to pay the reasonable cost of operating and
maintaining such dormitory or project and to provide and maintain an
interest and sinking fund in an amount adequate promptly to pay the
principal of and interest on such bonds. Nothing herein shall prevent the
board from authorizing use of the dormitory or project and admittance
thereto without charge at such time and for such occasions and to such
extent as the board determines. In addition to pledging the net income
and revenues as herein provided, the board in its discretion may
mortgage, by mortgage or deed of trust, the real and personal property
comprising the dormitory or project or portions thereof for the payment
of the bonds, both principal and interest, and as additional security
therefor may by the terms of the mortgage or deed of trust grant to the
purchaser in case of foreclosure sale thereof the right and privilege to
operate the dormitory or project, subject to the limitations and
conditions set out in the mortgage or deed of trust. The revenue bonds
are payable, both as to principal and interest, solely and only out of
the net income and revenues arising from the operation of the dormitory
or project for which they were issued, after providing for the costs of
operation and maintenance as aforesaid, or from other funds made
available to the school district from sources other than from proceeds of
taxation, or from proceeds of foreclosure sale of property mortgaged or
pledged as security therefor. (L. 1963 p. 200 § 5-23, A.L. 1969 p. 273)
(Source: RSMo 1959 § 176.130)
Bonds may be issued under section 164.231 pursuant to resolution
adopted by the affirmative vote of two-thirds of the members of the board
of directors of the school district, and no other proceedings shall be
required therefor. (L. 1963 p. 200 § 5-24)
(Source: RSMo 1959 § 176.140)
Any bonds issued under and pursuant to sections 164.231 to
164.301 shall not be deemed to be an indebtedness of the state of
Missouri, or of any school district or of the board thereof, or of the
individual members of the school board, and shall not be deemed to be an
indebtedness within the meaning of any constitutional or statutory
limitation upon the incurring of indebtedness. (L. 1963 p. 200 § 5-25)
(Source: RSMo 1959 § 176.150)
1. Revenue bonds issued under section 164.231 shall be of such
denomination, shall bear such rate of interest not to exceed four percent
per annum, and shall mature at such time within twenty years from the
date of issuance thereof as the board of directors of the school district
determines. The bonds may be either serial bonds or term bonds. Serial
bonds may be issued with or without reservation of the right to call them
for payment or redemption in advance of their maturity, upon the giving
of notice and with or without the covenant requiring the payment of a
premium in the event of the call and redemption prior to maturity as the
board determines. Term bonds shall contain a reservation of the right to
call them for payment and redemption prior to maturity at such time and
upon the giving of notice and upon the payment of such premium, if any,
as the school board determines. Each such bond shall bear on its face a
prominent legend reading substantially as follows:
"THIS IS A REVENUE BOND ONLY AND THE HOLDER THEREOF SHALL NEVER HAVE ANY
RIGHT TO DEMAND OR RECEIVE PAYMENT OF THE PRINCIPAL OR INTEREST THEREOF
FROM ANY FUNDS RAISED OR TO BE RAISED BY TAXATION."
2. The bonds when issued and sold shall be negotiable instruments within
the meaning of the law merchant and the negotiable instruments law and
the interest thereon is exempt from income taxes under the laws of the
state of Missouri.
3. The bonds when issued may be sold at public sale to brokers or others
after giving such reasonable notice of the sale as is determined by the
board, but, if sold to brokers or dealers for resale, they shall be sold
for not less than ninety-eight percent of the par value thereof and
accrued interest, or the board may, in its discretion, provide for the
sale of the bonds pursuant to individual subscriptions therefor by
purchasers for investment, in which case they shall not be sold for less
than the par value thereof and accrued interest. The school board may,
however, pay reasonable compensation to persons employed in soliciting or
effecting such private subscriptions and purchases. (L. 1963 p. 200 §
5-26)
(Source: RSMo 1959 § 176.160)
1. The board of the school district issuing bonds under section
164.231 may prescribe the form, details and incidents of the bonds and
make such covenants as in its judgment are advisable or necessary
properly to secure the payment thereof; but the form, details, incidents
and covenants shall not be inconsistent with any of the provisions of
sections 164.231 to 164.301.
2. The holder of any bonds issued hereunder or of any coupons
representing interest accrued thereon may, by civil action either at law
or in equity, compel the board of the school district issuing such bonds
to perform all duties imposed upon it by sections 164.231 to 164.301,
including the making and collecting of sufficient rates and charges for
admission to or the use of the project for which the bonds were issued,
and also to enforce the performance of any and all other covenants made
by such board of directors in the issuance of the bonds. (L. 1963 p. 200
§ 5-27)
(Source: RSMo 1959 § 176.170)
The school board may provide for the setting aside and including
as an operating expense of the project an amount of the estimated annual
income and revenues, in the judgment of the board reasonably necessary,
and use the same for the purchase and acquisition of athletic equipment,
appliances, uniforms and clothing to be used by those engaging in the
games, contests and exhibitions, and may supply the same on such terms or
gratuitously to those participating in such games, contests and
exhibitions as the board determines in view of the fact that the
participants contribute their efforts and skills to the games, contests
and exhibitions which produce the revenues. (L. 1963 p. 200 § 5-28)
(Source: RSMo 1959 § 176.180)
The school board shall provide for the keeping of accurate
records of the issuance of the bonds and payment, retirement and
cancellation thereof, and of the revenues and receipts from, and the
disbursements for the project separate from the other funds of the
district. The proceeds of bonds and the net revenues and receipts from
the project, other than the amounts allocated to the athletic and
recreational funds of the high schools as hereinafter provided, and any
gifts or contributions of funds are the property and funds of the
district and devoted to the purposes provided for herein, and the
treasurer of the school district is custodian of the funds and shall
disburse them upon vouchers of the district as in the case of other funds
of the district. If there is in any year a surplus from the revenues of
the project beyond the amount reasonably anticipated to be necessary to
meet the requirements of sections 164.231 to 164.301, the surplus or a
portion thereof in the discretion of the board may be allocated and
transferred to the athletic and recreational funds of the various high
schools of the district. (L. 1963 p. 200 § 5-29)
(Source: RSMo 1959 § 176.190)
1. The revenue bonds issued pursuant to the provisions of
sections 164.231 to 164.301 may be refunded in whole or in part in any of
the following circumstances, to wit:
(1) When any of the bonds have by their terms become due and payable and
there are not sufficient funds in the interest and sinking fund provided
for their payment to pay the bonds and the interest thereon;
(2) When any of the bonds are by their terms callable for payment and
redemption in advance of their date of maturity and have been duly called
for payment and redemption;
(3) When any of the bonds are voluntarily surrendered by the holder
thereof in exchange for refunding bonds.
2. For the purpose of refunding any bonds issued hereunder, including
refunding bonds, the board of the school district may make and issue
refunding bonds in the amount necessary to pay off and redeem the bonds
to be refunded, together with unpaid and past due interest thereon and
any premium which is due under the terms of the bonds, together also with
the cost of issuing the refunding bonds, and may sell the bonds in like
manner as is herein provided for the sale of revenue bonds. With the
proceeds of the bonds, the board may pay off, redeem and cancel old bonds
and coupons which have matured, or which have been called for payment and
redemption, together with the past due interest premium, if any, due
thereon, or the bonds may be issued and delivered in exchange for a like
par value amount of bonds to refund which the refunding bonds were issued.
3. No refunding bonds issued pursuant to the provisions of this section
shall be payable in more than twenty years from the date thereof or shall
bear interest at a rate in excess of six percent per annum.
4. Refunding bonds are payable from the same sources as were pledged to
the payment of the bonds refunded thereby and, in the discretion of the
board, may be payable from any other sources which under sections 164.231
to 164.301 may be pledged to the payment of revenue bonds issued
hereunder. (L. 1963 p. 200 § 5-30)
(Source: RSMo 1959 § 176.200)
There is hereby established in the state treasury the "School
District Bond Fund". Such amounts as may be necessary to fund the annual
requests submitted by the health and educational facilities authority to
fund the payment of costs and grants as provided in subsection 7 of
section 360.106 and sections 360.111 to 360.118, RSMo, and necessary
costs for administration of those provisions, but not to exceed seven
million dollars per year, shall be transferred by appropriation to the
fund from the gaming proceeds for education fund before any amounts in
the gaming proceeds for education fund are transferred to the classroom
trust fund, as provided in section 160.534, RSMo. Moneys deposited in the
school district bond fund shall be used by the health and educational
facilities authority, subject to appropriation, to fund the payment of
costs and grants as provided in subsection 7 of section 360.106 and
sections 360.111 to 360.118, RSMo, and necessary costs for administration
of those provisions. Notwithstanding the provisions of section 33.080,
RSMo, to the contrary, moneys in the fund shall not be transferred to the
credit of the general revenue fund at the end of each biennium. (L. 1995
S.B. 301, A.L. 2005 S.B. 287)
*Effective 7-1-06
There is hereby established in the state treasury the "School
District Bond Fund". Such amounts as may be necessary to fund the annual
requests submitted by the health and educational facilities authority to
fund the payment of costs and grants as provided in subsection 7 of
section 360.106 and sections 360.111 to 360.118, RSMo, and necessary
costs for administration of those provisions, but not to exceed seven
million dollars per year, shall be transferred by appropriation to the
fund from the gaming proceeds for education fund before any amounts in
the gaming proceeds for education fund are transferred to the state
school moneys fund, as provided in section 160.534, RSMo. Moneys
deposited in the school district bond fund shall be used by the health
and educational facilities authority, subject to appropriation, to fund
the payment of costs and grants as provided in subsection 7 of section
360.106 and sections 360.111 to 360.118, RSMo, and necessary costs for
administration of those provisions. Notwithstanding the provisions of
section 33.080, RSMo, to the contrary, moneys in the fund shall not be
transferred to the credit of the general revenue fund at the end of each
biennium. (L. 1995 S.B. 301)
Effective 6-27-95
*This section was amended by S.B. 287, 2005, effective 7-1-06. Consult
RSMo 2000 for existing section.
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